64
64
Dec 6, 2012
12/12
by
CSPAN2
tv
eye 64
favorite 0
quote 0
cuts get extended, the upper-income tax cuts go up. otherwise we don't get a deal and next year we come back in the thinking is the republicans will have more leverage because there will be another book on the debt ceiling will try to extract more concessions. i have to just tell you, that is a bad strategy for america. it's a bad strategy for businesses and it is not a game i will play. most of you are involved in discussions and watch the catastrophe that happen in august of 2011. everybody here is concerned about uncertainty. there's no uncertainty uncertainty that the prospect that the united states of america, the largest economy holds the worlds reserve current e. potentially default, do we give a basic notion that united states stands behind its obligations. we can't afford to go there again. this is just my opinion and the opinion of most of the books in my room. when i hear some on the other side suggesting to resolve the possibility of the perpetual court quarterly debt ceiling increases, the prices paid by the american peopl
cuts get extended, the upper-income tax cuts go up. otherwise we don't get a deal and next year we come back in the thinking is the republicans will have more leverage because there will be another book on the debt ceiling will try to extract more concessions. i have to just tell you, that is a bad strategy for america. it's a bad strategy for businesses and it is not a game i will play. most of you are involved in discussions and watch the catastrophe that happen in august of 2011. everybody...
130
130
Dec 5, 2012
12/12
by
CSPAN2
tv
eye 130
favorite 0
quote 1
on another tax problem, tax fund, yes cut through all the jews rate against -- [inaudible] but surely it needs to be more robust. if it is going to be a meaningful priority, let's say to coordinate against corporate tax conjuring, surely has to start a reason to think the controls -- that he made in the last budget. >> first of all can i thank him for the support he has given for the decision to provide ultrafast broadband, and i want to congratulate the city for a very, very good did which competed against other bids across the uk. he's also right to say that we are helping the northern islands energy sector with decisions on the carbon price which i detest a semi-statement to announce but are in the book. am glad he acknowledges those. any more broadly what i would say to him is northern ireland will benefit, the rest of uk will benefit when we help people and work hard and want to get on with doing that with personal allowance, when we help people who are small businesses with fuel duty, we're doing all these things making sure they are outlined to the northern ireland's. >> with i
on another tax problem, tax fund, yes cut through all the jews rate against -- [inaudible] but surely it needs to be more robust. if it is going to be a meaningful priority, let's say to coordinate against corporate tax conjuring, surely has to start a reason to think the controls -- that he made in the last budget. >> first of all can i thank him for the support he has given for the decision to provide ultrafast broadband, and i want to congratulate the city for a very, very good did...
96
96
Dec 4, 2012
12/12
by
CSPAN2
tv
eye 96
favorite 0
quote 0
see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to year. i can make $80,000 one year, and i can make $60,000 the next, and the next 45. i cannot process what the amt will be. looking at the last return here, made $60,000 and had an amt of $1700, a piggy back. talk about this because i don't consider making $80,000 as a single person and paying 13% of the social security out of and all my other cuts to be a lot of money. >> guest: no, i don't disagree with you at all. the amt is not what you would have designed as a tax -- a way to compute your federal income tax. it is the combination of a reform that was end acted after the need fo
see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to...
235
235
Dec 5, 2012
12/12
by
CSPAN2
tv
eye 235
favorite 0
quote 0
tax liability. , in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that >> host: here is diane and linda burrough, new hampshire. democratic caller, go ahead. >> caller: good morning. i'm fascinated to hear about the alternative minimum tax. it kills me every year. i am a small-business owner and the income fluctuates year-to-year. i could make maybe $80,000.1 year, $60,000 for next year. the next or i may make 45. every year i cannot possibly determine what the amt is going to be. a second mls return here. i made $60,000 i had amt $1700, a piggyback. could you please talk about this because i don't consider making $80,000 as a single person in pain or 10% of my social security and all other costs to be a lot of money. >> host: i don't disagree with you at all. the amt is not what you would have deliberately designed as a way to compute your federal income tax. it is the com
tax liability. , in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that >> host: here is diane and linda burrough, new hampshire. democratic caller, go ahead. >> caller: good morning. i'm fascinated to hear about the alternative minimum tax. it kills me every year. i am a small-business owner and the income fluctuates year-to-year. i could make maybe...
125
125
Dec 6, 2012
12/12
by
CSPAN2
tv
eye 125
favorite 0
quote 1
tax reform. each should be made permanent or fazed out based on that review, but realistically, the congress will not make those decisions before the end of this year. tax reform will take the better part of a year to accomplish or perhaps even longer. we will need to pass an extenders bill before then, and we have one before us today that is worthy of being passed. a third reason we should pass the tax extenders package now and not wait until the 11th hour is that waiting could force the i.r.s. to delay the tax filing season by ten weeks or more for millions of americans. in fact, we are at the 11th hour. i should amend my comments to make that point very clear. this need for the i.r.s. to delay the tax filing season is because the bill extends many provisions that expired at the end of 2011. they need to be extended for 2012 before people file their tax returns beginning in january of 2013. after congress acts, if it acts, the i.r.s. needs weeks to finalize tax forms and instruction books and t
tax reform. each should be made permanent or fazed out based on that review, but realistically, the congress will not make those decisions before the end of this year. tax reform will take the better part of a year to accomplish or perhaps even longer. we will need to pass an extenders bill before then, and we have one before us today that is worthy of being passed. a third reason we should pass the tax extenders package now and not wait until the 11th hour is that waiting could force the...
108
108
Dec 5, 2012
12/12
by
CSPAN2
tv
eye 108
favorite 0
quote 0
should the middle-class tax cuts be extended? should the bush tax cuts on the rich end? should we end the medicare guarantee for our seniors and the next generation? well, those big questions were discussed, argued and clear positions were taken, and voters went to polling places on election day to render their verdict. and, mr. president, the outcome was clear. candidates who stood up for the middle class won. candidates who advocated for our seniors came out ahead. and in exit polls across the country, voters made very clear that they strongly supported the idea that the wealthy should pay higher tax rates and their fair share. and everyone -- democrat, republican, independent, wealthy, low income, middle class, students, workers, retirees, older, younger and inbetween -- everyone, everyone supports extending the tax cuts for the middle class. nobody thinks that the taxes should go up for 98% of our workers and 97% of our small business owners. so, mr. president, this ought to be easy. the american people just weighed in supporting a continuation of the bush tax cuts f
should the middle-class tax cuts be extended? should the bush tax cuts on the rich end? should we end the medicare guarantee for our seniors and the next generation? well, those big questions were discussed, argued and clear positions were taken, and voters went to polling places on election day to render their verdict. and, mr. president, the outcome was clear. candidates who stood up for the middle class won. candidates who advocated for our seniors came out ahead. and in exit polls across...
110
110
Dec 4, 2012
12/12
by
CSPAN2
tv
eye 110
favorite 0
quote 0
the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98% of families and 97% of small businesses from painful tax increases by asking the top 2% to pay a little bit more. the republicans' plan, on the other hand, is more of the same. not only does 2 balance the budget on the backs of the middle class, it voids our promise to seniors with steep cuts to social security and medicare, all to pay for even more handouts to the rich. at least we now know where they stand. republicans have sought to cover by invok invoking erskine bowle' name. he has disavowed their plan. we're glad to see the republicans join in the negotiating process. while their proposal
the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98%...
137
137
Dec 6, 2012
12/12
by
CSPAN2
tv
eye 137
favorite 0
quote 1
tax. today this tax -- also known as the estate tax -- is set up at a top rate of 35%, with an exception for the first $5.1 million of the estate's value. well, those are the levels that congress set and the president agreed to in 2010. a republican house of representatives, democrat senate, as well as the president -- democrat in the white house. 2010. those are th levels are now setp dramatically to a top rate of 55% with an compe exemption fort the first $1 million. $1 million as you understands like a lot of money -- $1 million sounds like a lot of money until you start looking at family farms. farmers have a lot of assets such as land, buildings and livestock. those things are worth a lot of money for purposes of calculating the value of someone's estate. but they aren't liquid assets. you can't just spend a tractor. once a mom or dad dies in the farm family, the i.r.s. wants the death tax paid within nine months. the taxes collected -- though it is calculated on the big valuations fo
tax. today this tax -- also known as the estate tax -- is set up at a top rate of 35%, with an exception for the first $5.1 million of the estate's value. well, those are the levels that congress set and the president agreed to in 2010. a republican house of representatives, democrat senate, as well as the president -- democrat in the white house. 2010. those are th levels are now setp dramatically to a top rate of 55% with an compe exemption fort the first $1 million. $1 million as you...
62
62
Nov 29, 2012
11/12
by
CSPAN2
tv
eye 62
favorite 0
quote 0
the solution is tax reform that broadens the tax base by scaling back tax preferences and cutting the corporate rate. we could cut it to 25%, scale back the deductions, the credits, the exemptions and have a competitive territorial system and have it all be revenue neutral. there is such a proposal that has been scored by the joint committee on taxation here in congress. we know we can do it. we're not saying it's easy. some of these preferences of course on these loopholes are ones that are very difficult to reduce or eliminate, but it would be the right thing to do for our economy. i do think we have seen some signs of developing bipartisan consensus on this issue, and i'm hopeful that we will see the same movement for pro growth individual tax reform because reforming the entire code is critical to regaining competitiveness, spurring growth and producing the revenues we need to pay for important public priorities. the smart way to raise revenue then is not through tax rate hikes that threaten to shrink our economy but rather thoughts u tax reform designed to help grow the economy.
the solution is tax reform that broadens the tax base by scaling back tax preferences and cutting the corporate rate. we could cut it to 25%, scale back the deductions, the credits, the exemptions and have a competitive territorial system and have it all be revenue neutral. there is such a proposal that has been scored by the joint committee on taxation here in congress. we know we can do it. we're not saying it's easy. some of these preferences of course on these loopholes are ones that are...
93
93
Dec 6, 2012
12/12
by
CSPAN2
tv
eye 93
favorite 0
quote 0
as i said the entire tax code is becoming a tax incentive. where you draw the line the amt usually goes to tax incentive bills and the fact the senate finance tax bills this year, the senate didn't pass it, the finance committee passed it and included tax extenders and the ones you went over but also included the amt patch indexing to inflation. >> so if these tax extenders have to be dealt with by the end of the year and in the fiscal cliff negotiation, what are the options for congress right now on december -- what is it the sixth today? >> these are kind of an afterthought at this point because often, as i said, all these are extended for your or two at a time. they talk about trying to make the list shorter, but if they have to, december 29th, they need to pass something, all they have to do is pass everything for a year and it won't costs so much. they get to this after figuring out the bigger question. >> host: they can do in one bill? text extenders and list the different -- >> guest: you will go in the big fiscal compromise and you wo
as i said the entire tax code is becoming a tax incentive. where you draw the line the amt usually goes to tax incentive bills and the fact the senate finance tax bills this year, the senate didn't pass it, the finance committee passed it and included tax extenders and the ones you went over but also included the amt patch indexing to inflation. >> so if these tax extenders have to be dealt with by the end of the year and in the fiscal cliff negotiation, what are the options for congress...
82
82
Dec 7, 2012
12/12
by
CSPAN2
tv
eye 82
favorite 0
quote 0
you, don't tax me coming and you will find that out. estimate on the second piece and then on the second piece. the first piece, the danger with putting the goals in the savings and cuttings and taxes in its regular order i'm afraid the regular order won't produce the results. to build another fiscal what on pressure which puts us right back where we are or have a default mechanism which the policy set aside that was sides don't like about media is a lot of bad alternatives for both. it's important for people to understand in the current lull this is a fact. if the converse packed its bags right now and went away at the end of the tenure period the deficit to gdp ratio would be under 1%. succumbing you would solve the deficit problem. estimate under 1%? the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction o
you, don't tax me coming and you will find that out. estimate on the second piece and then on the second piece. the first piece, the danger with putting the goals in the savings and cuttings and taxes in its regular order i'm afraid the regular order won't produce the results. to build another fiscal what on pressure which puts us right back where we are or have a default mechanism which the policy set aside that was sides don't like about media is a lot of bad alternatives for both. it's...
98
98
Nov 29, 2012
11/12
by
CSPAN2
tv
eye 98
favorite 0
quote 0
tax and spend, not taxes to reduce deficits. taxes to fund new spending. that's why the budget, it puts us on track to have $25 trillion in total debt at the end of ten years, another almost $10 trillion in debt headed to the current debt level. so insofar as i can see, that tax-and-spend policy remains his goal today. the white house isn't planning to raise taxes to reduce the deficit, raise taxes under their plan to expand government. and that's not -- i don't believe congress will accept such a deal if that's what's going on in the secret negotiations. president obama campaigned on tax increases just on the wealthy, just on raising their rates, just only $800 billion in tax increases. but now the white house is demanding $1.6 trillion in tax increases. don't the american people have a right to see where those taxes fall, who this will impact and how much they are? shouldn't the president lay out his plan? the president of the united states, the only person who represents everybody in the country, will that remain a secret? will it just be revealed to us
tax and spend, not taxes to reduce deficits. taxes to fund new spending. that's why the budget, it puts us on track to have $25 trillion in total debt at the end of ten years, another almost $10 trillion in debt headed to the current debt level. so insofar as i can see, that tax-and-spend policy remains his goal today. the white house isn't planning to raise taxes to reduce the deficit, raise taxes under their plan to expand government. and that's not -- i don't believe congress will accept...
257
257
Dec 7, 2012
12/12
by
CSPAN2
tv
eye 257
favorite 0
quote 0
the huge corporate tax. that is off the table now. they increase the capitol gains rate to ordinary income which i think most, many republicans and more than a few democrats have said is unacceptable and finally, they had problems i think with that question, the most politically brilliant treasury secretary and deputy we have ever seen in this country and tim baker and they had people on capitol hill on the other side who were dying to work together. we don't have any of that and we talk about tax reform is if it's a magic panacea. >> well i mean you solve a story today in "the new york times" about tax policy is certainly not a right of center institution and is left of his left of center orly center. if you cap it at $50,000.750 billion over 10 years, if you change cpi which i think mark has embraced -- >> including including charitable sin? >> you can include charitable than that but you can also look at the health care which by the way is the most passive that exist and i don't know why people in the income category that mark and
the huge corporate tax. that is off the table now. they increase the capitol gains rate to ordinary income which i think most, many republicans and more than a few democrats have said is unacceptable and finally, they had problems i think with that question, the most politically brilliant treasury secretary and deputy we have ever seen in this country and tim baker and they had people on capitol hill on the other side who were dying to work together. we don't have any of that and we talk about...
46
46
Nov 30, 2012
11/12
by
CSPAN2
tv
eye 46
favorite 0
quote 0
it seems that the new taxes are to fund new spending. but we don't have the numbers. i'm going to be asking them, let's see the numbers, i'm the ranking member on the budget committee, i want to see how much new spending they've got and how much new taxes they've got. and finally let me make a -- and if it's like what we've been seeing, it has a lot of flimflam. budget projection that was voted down 100%, not a single vote, his budget that he sent out earlier this year, increased taxes $1.8 trillion but increased spending $1.4 trillion. so it didn't pay down the debt. i hope the president will look the american people in the eye and tell them we are on an unsustainable course. i'm not -- i've not heard him say that. why won't he say that? his own debt commissioner erskine bowles said we're facing the most predictable crisis in our nation's history. why won't the president say we can't continue on this path and we've got to change? why won't he say we've got to tighten our belt across government? that's -- so this is one of the problems we have at the end of the year.
it seems that the new taxes are to fund new spending. but we don't have the numbers. i'm going to be asking them, let's see the numbers, i'm the ranking member on the budget committee, i want to see how much new spending they've got and how much new taxes they've got. and finally let me make a -- and if it's like what we've been seeing, it has a lot of flimflam. budget projection that was voted down 100%, not a single vote, his budget that he sent out earlier this year, increased taxes $1.8...
46
46
Nov 29, 2012
11/12
by
CSPAN2
tv
eye 46
favorite 0
quote 0
moreover, as part of the middle-class tax relief act of 2012, congress expanded the scope of funding from the relocation fund to include the costs of planning for relocation. i am confident that the pentagon and the larger federal government can more efficiently manage its spectrum holdings and make available additional spectrum to create jobs. i hope we can work this out and have it included as part of the defense authorization bill. i certainly believe it's an amendment that's important with regard to the issue that i mentioned and that is the reallocation, relocation of spectrum in this country to allow for multiple uses, obviously important private and commercial uses out there and enormous demand, that demand is is adding significantly to our economy and creating jobs for literally thousands and millions of americans. madam president, with that i yield the floor. the presiding officer: the clerk will call the roll. the presiding officer: the clerk will call the roll. quorum call: the presiding officer: the senator from michigan. mr. levin: i ask further proceedings on the quorum
moreover, as part of the middle-class tax relief act of 2012, congress expanded the scope of funding from the relocation fund to include the costs of planning for relocation. i am confident that the pentagon and the larger federal government can more efficiently manage its spectrum holdings and make available additional spectrum to create jobs. i hope we can work this out and have it included as part of the defense authorization bill. i certainly believe it's an amendment that's important with...